What happens if you missed the deadline to file your taxes?

What happens if you missed the deadline to file your taxes?  

The Internal Revenue Service, IRS, recently sent out a tax tip for those that may have inadvertently forgotten to send in their tax return or extension by the deadline of April18th, 2017. We are including this information from the IRS in our Tip of the Week.

The IRS recommends the following:

  • Taxpayers should file and pay their income taxes as soon as possible to minimize penalty and interest.   

 

  • For Taxpayers that are due a refund - there is no penalty for filing a late return.  But caution to those who don’t file their return within three years - they could lose their right to the refund.

 

  • The IRS recommends also  using the IRS Free File to e-file, here's the link: IRS Free File.  Here's the details from the IRS.
    • Fillable forms may work best for those who are used to doing their own taxes.
    • "Taxpayers whose income was $64,000 or less can use free brand-name tax software.""
    • Those who made more than $64,000 can use Free File Fillable Forms to e-file. This program uses electronic versions of IRS paper forms.

 

  • "Taxpayers can file -- even if they missed the deadline -- using free options on IRS.gov through the Oct. 16 extension period."

 

  • File electronically. Unless you need to mail your return, it's usually much more efficient.

 

  • If you owe but can't pay all that you owe then pay as much as possible. The IRS has these systems for paying taxes and making payments - per the IRS with their links: 
    • Electronic payment options The IRS states that this link provides "the quickest and easiest way to pay taxes."
    • The IRS also offers this link to pay from you checking or savings account without a fee: IRS Direct Pay
    • The IRS offers monthly payments through an installment agreement for those taxpayers that may need additional time to pay taxes.  
    • The IRS also notes that taxpayers may apply for a direct debit installment agreement through this IRS link: Online Payment Agreement tool.
    • The IRS writes that there's no need to write and mail a check each month with their direct debit plan. Installment Agreements may still be applied for with this link and form: Form 9465.   

 

  • Expecting a refund? Then file as soon as possible to get that refund. The IRS advises that taxpayers who are not required to file may get a refund because they had taxes withheld from wages or they qualified for certain tax credit.


Are you overwhelmed by your tax situation? Contact FL-Accounting & Advisers for your complimentary consultation at (561) 939-2553 or http://www.fl-accounting.com/contact.

 

Wendy Ettorre